Sterling had a mixed day yesterday strengthening against the euro whilst trading flat against the US dollar as inflation data in the UK headlined by the Consumer Price Index (CPI) came in pretty much as expected. This comforted the market as it indicated that inflation was being contained even though the money supply had and was being increased significantly through the Bank of England's program of quantitative easing. The main release globally today will be the Bank of England’s latest meeting minutes which are expected to show that all of the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold. Anything else would surprise the market and could result in increased volatility; so call in now for the latest news.
The euro struggled against all of its major counterparties as the markets start to speculate that Spain may soon need to apply for a full sovereign bailout. On a more positive note, German and other euro zone economic confidence figures were actually better than expected; but, this did little to help the euro’s strength. There is very little data released across Europe today; as a result, expect the euro to trade on any further developments in Spain whilst following the underlining risk sentiment created by news from the UK and the US. Call in now for the latest rates.
The US dollar was fairly strong yesterday strengthening or trading flat again the majority of currencies as data released showed that both current account figures and statistics demonstrating the overseas demand for US securities beat market expectations. It would appear the dramatic dollar sell off we saw last week following the announcement of a program of monthly quantitative easing of up to US$ 40 billion has stopped for the time being. A raft of housing data will be released today; the most significant releases includes the number of new residential building permits that were issued in the last month and data showing the number of homes (excluding new builds) that were sold during the previous month. Get the latest news by calling in.
Elsewhere, the Czech koruna was particularly weak yesterday as concerns started to spread that the Prime minister will not have enough support in parliament to pass a bill aimed at reducing its national budget deficit. Overnight we saw current account figures from New Zealand released as expected; but, much more significantly, the Japanese yen weakened across the board after the Bank of Japan announced that it was following the US’s lead by increasing its program of asset purchases to help economic growth. Out today we have data outlining the economic expectations in Switzerland and late this evening GDP data form New Zealand will be announced. Call in now for the latest news and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
The euro struggled against all of its major counterparties as the markets start to speculate that Spain may soon need to apply for a full sovereign bailout. On a more positive note, German and other euro zone economic confidence figures were actually better than expected; but, this did little to help the euro’s strength. There is very little data released across Europe today; as a result, expect the euro to trade on any further developments in Spain whilst following the underlining risk sentiment created by news from the UK and the US. Call in now for the latest rates.
The US dollar was fairly strong yesterday strengthening or trading flat again the majority of currencies as data released showed that both current account figures and statistics demonstrating the overseas demand for US securities beat market expectations. It would appear the dramatic dollar sell off we saw last week following the announcement of a program of monthly quantitative easing of up to US$ 40 billion has stopped for the time being. A raft of housing data will be released today; the most significant releases includes the number of new residential building permits that were issued in the last month and data showing the number of homes (excluding new builds) that were sold during the previous month. Get the latest news by calling in.
Elsewhere, the Czech koruna was particularly weak yesterday as concerns started to spread that the Prime minister will not have enough support in parliament to pass a bill aimed at reducing its national budget deficit. Overnight we saw current account figures from New Zealand released as expected; but, much more significantly, the Japanese yen weakened across the board after the Bank of Japan announced that it was following the US’s lead by increasing its program of asset purchases to help economic growth. Out today we have data outlining the economic expectations in Switzerland and late this evening GDP data form New Zealand will be announced. Call in now for the latest news and a live quote.
Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/
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